NuGen Medical Devices (TSXV: NGMD) (“NuGen” or the “Company”)is pleased to announce that it has entered into an exclusive distribution agreement with Intermediq Holdings (PVT) Ltd. (“Intermediq”), a well-established medical distribution company in Sri Lanka (the “Agreement”).
The Agreement represents a minimum of CAD$333,000 over the 5-year term and will cover the country of Sri Lanka and commence upon regulatory approval from Sri Lankan Health Authorities, anticipated in the second half of 2022.
Michael Wright, President and CEO of NuGen M.D. states, “We are very pleased to have partnered with Intermediq to provide access to our InsuJet™ needleless injection devices to improve the lives of those suffering from chronic illnesses in Sri Lanka. This partnership, coupled with our previous announced agreements, continues to build towards our sales and positioning objectives for 2022. We are very pleased to open up a new territory and plan to build on this momentum as we strive to become the global leader in needle-free injection technology.”
There are over 14 million adults in Sri Lanka and according to recent statistics by the International Diabetes Federation, the prevalence of diabetes among adults in Sri Lanka is 8.7%, or about 1.2 million adults across the country with the disease.
Medical injections are a common health care procedure and the demand for needle-free delivery solutions are increasing to improve safety and drug effectiveness, while reducing medical waste of disposable needles. It also helps reduce fear and anxiety of administering medications and vaccines through hypodermic needles.
NuGen M.D.’s needle-free injection system is the first ever self-administered needle-free injection system approved by Health Canada and gives access to safe, cost-effective drug delivery for the millions of patients who suffer from diabetes or other chronic illnesses.
It is specifically designed for the safety of patients who are required to self-administer their medication as well as health care workers who perform medical injections. The Company’s needle-free injector is not only suitable for administering insulin, vaccines and other treatments for chronic diseases but also for pets requiring medical injections.
About The InsuJet™:
The InsuJet™ is a revolutionary needle-free drug delivery device, to self-administer medication in a safe, fear free, and virtually pain free manner and is now approved for use in over 40 countries globally. For a tutorial on how to use the InsuJet™ needle free delivery device, click here: https://www.nugenmd.com/product-tutorial/
NuGen Medical Devices is an emerging specialty medical device company focused on developing and commercializing novel drug delivery technologies. NuGen Medical Devices’ principal business is the development and commercialization of innovative needle-free injection devices and systems for the administration of subcutaneous medication. It is developing products using needle-free drug delivery technology in several important fields including, but not limited to, anaphylaxis, diabetes, severe migraine, erectile dysfunction, chronic anemia, neutropenia, autoimmune rheumatoid arthritis, growth and fertility hormone, psoriasis as well as DNA and conventional/pediatric vaccines.
For More Information visit: www.nugenmd.com
President and CEO
NuGen Medical Devices Inc.
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include that the contract will commence upon regulatory approval by Sri Lankan Health Authorities and that this approval is anticipated in the second half of 2022. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.